Kingfisher chief promises recovery plan within days

Kingfisher chief promises recovery plan within days

Cash-strapped Kingfisher Airlines will have a full recovery plan in place in two to three days, chairman Vijay Mallya is reported as saying.

The airline has slashed its daily flights to 101 from 370 in September after several pilots refused to report to work.

Mallya met pilots who were protesting against delayed salaries and claimed the carrier would address the salary payment issue soon.

"We had a frank discussion with the pilots which was very productive and we have given assurance to the pilots on their salary payment," he told local media.

He revealed that one foreign airline two non-airline foreign investors were interested in buying a stake in the Indian carrier to help ease the company’s debt burden.

Mallya is due to meet IATA over Kingfisher’s suspension from the Billing and Settlement Plan which is restricting bookings from overseas agents.

The carrier needs at least $500 million immediately to keep flying and $800 million to return to full operations, according to industry consultancy Centre for Asia-Pacific Aviation.

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